SOURCE: Friendly Energy Exploration

January 26, 2010 09:00 ET

Friendly Energy Granted License to Sell Oil in the State of Texas: Ramping Up Production at Panther Creek and Byler

CARSON CITY, NV--(Marketwire - January 26, 2010) - Friendly Energy Exploration (PINKSHEETS: FEGR) is pleased to announce that the company has met all requirements to allow for the sale of oil in the State of Texas. Friendly's work crew plugged one of the water injection wells on its Panther Creek field last week which was the final requirement. Friendly Energy has now filed the required W10 and H10 forms to the Texas Railroad Commission for the sale of oil.

The company expects to sell approximately 500 barrels of oil this week after making arrangements to empty the existing oil from its onsite battery tanks. The Panther Creek field will be put back into production after the tanks are emptied and is expected to produce about 40 barrels a day. Doug Tallant, CEO, stated, "The seven production wells at Panther Creek along with the eleven wells that we are putting on-stream at Byler should push our daily production to over 100 barrels a day within the next couple months and go a long way to our goal of producing 300 barrels of oil per day in the coming fiscal year."

About Friendly Energy: Friendly Energy is an exploration, development and production company in the Oil and Gas Exploration Industry. The Company is focusing on low cost oil and gas recovery in the State of Texas and Oklahoma. Friendly Energy is committed to building shareholder value by taking advantage of the current market pricing of oil and gas by developing undeveloped reserves with little downside risk. Please see the company's website: www.FriendlyEnergyCo.com

This news release contains information that is "forward-looking" in that it describes events and conditions which Friendly Energy Exploration ("FEGR") reasonably expects to occur in the future. Expectations for the future performance of the business of FEGR are dependent upon a number of factors, and there can be no assurance that FEGR will achieve the results as contemplated herein and there can be no assurance that FEGR will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company's ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. FEGR disclaims any obligation to update any forward-looking statement made herein.

Contact Information

  • For Additional Information:
    Sean Tallant
    1 970 434 4297